Lucid Group (NASDAQ:LCID) Shares Down 6% – Here’s Why

Lucid Group, Inc. (NASDAQ:LCID) was down 6% during trading on Thursday . The company traded as low as $11.70 and last traded at $11.72. Approximately 8,906,652 shares were traded during mid-day trading, a decline of 21% from the average daily volume of 11,338,464 shares. The stock had previously closed at $12.47.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Morgan Stanley raised their target price on Lucid Group to $30.00 and gave the stock an “equal weight” rating in a research report on Tuesday, September 2nd. Stifel Nicolaus dropped their price objective on shares of Lucid Group from $21.00 to $17.00 and set a “hold” rating for the company in a research note on Monday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lucid Group in a research report on Wednesday. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Lucid Group in a research report on Wednesday. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $24.04.

Lucid Group Price Performance

The stock has a fifty day moving average of $19.63 and a two-hundred day moving average of $21.99. The company has a current ratio of 1.81, a quick ratio of 1.34 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $3.80 billion, a price-to-earnings ratio of -1.10 and a beta of 0.80.

Lucid Group (NASDAQ:LCID) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($2.65) earnings per share for the quarter, missing the consensus estimate of ($2.32) by ($0.33). The company had revenue of $336.58 million during the quarter, compared to analyst estimates of $378.44 million. Lucid Group had a negative net margin of 224.99% and a negative return on equity of 85.13%. The company’s revenue was up 68.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($2.76) EPS. As a group, equities research analysts forecast that Lucid Group, Inc. will post -1.25 earnings per share for the current year.

Hedge Funds Weigh In On Lucid Group

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Lucid Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 110,933,835 shares of the company’s stock worth $268,460,000 after buying an additional 615,108 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Lucid Group by 7.4% during the 2nd quarter. Geode Capital Management LLC now owns 22,642,839 shares of the company’s stock valued at $47,784,000 after purchasing an additional 1,554,419 shares in the last quarter. Uber Technologies Inc acquired a new position in shares of Lucid Group in the 3rd quarter valued at approximately $326,283,000. Marshall Wace LLP boosted its holdings in shares of Lucid Group by 2,398.5% in the second quarter. Marshall Wace LLP now owns 12,652,537 shares of the company’s stock valued at $26,697,000 after buying an additional 12,146,136 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Lucid Group by 39.2% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,309,476 shares of the company’s stock worth $25,973,000 after purchasing an additional 3,465,542 shares during the period. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Company Profile

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.